Hmmm, nope sorry doesn't do anything for me..
For a start everytime it comes on i think its an ad for something else till i see them all on their surf boards and think "oh yes, Qantas"... Have seen it quite a few times and nothing sticks in my memory after the surf boards and maybe a few shots from overhead of people (didn't even remember the accident or the girl in the swimsuit)... If the music does get any grander than the meandering start i am obviously not sticking around to hear it or registering as it always seems some lilting bit of music going nowhere?!?! Which might suit some people, some people love the Blues etc, i am a person who usually likes much more peaks and troughs in my music and rising to crescendos etc like its going somewhere...
Not sure if the BA ad mentioned in Supersonic Swinger's post above is the one with the different parts of the face coming together, but that BA ad with i think a score by Yanni is my favourite airline ad and I can remember it and the images of people's faces in it like 15-20 years later and I can't remember half the Qantas even though i probably saw it last night... That sounds like a fail to me and people like me although i guess it works with some test audiences... Would that old BA ad work these days, has the world changed so much?? Dunno, but don't like antiseptic ads where you can't get what they are about until some time in...
I think the current Jetstar ad, for what its meant to represent works, happy staff, excited staff, pacey music etc... Its another airline ad i remember... Not too many else come to mind, maybe the Singapore girl theme from SIA that has acted as a point of differentiation all these years... I haven't seen the AA ad, but i saw their inflight safety message quite a few times recently where they had many different staff from baggage handlers to mechanics to pilots ot FAs saying what to do in case of an emergency etc, they all seem interested in their jobs and the passenger and thought it worked quite well...
Finally i think the previous Qantas choir kids on the rock ads worked quite well but have also really liked the ads with Peter Allen's "I still call Australia Home" song, that is a great bit of music as is the Seeker's "We Are Australian" piece... Greatmusic definitely gives you an emotional attachment and try and get a catchy bit of music or tune out of your head once you have it in there... I couldn't tell you a 13 number of any company apart from Pizza Hut because of their ditty on their ad of maybe 10 years ago about 1-3 double one double six, repeated a few times...
I guess if Qantas was in trouble because of a lack of marketing a great ad might help, but lets face it, its lot of other reasons about the hard and soft product, routes etc and this add doesn't solve any of them... Maybe we needed to hear something inspiring from AJ in it... Then again maybe not...
Edit: Ok watched the BA ad above and it was the one i remembered and i think its coughs all over the current ad, it would still have me feeling a lot better about choosing that airline than the current QF thing (which i hope they ditch ASAP) if of course the airline lived half way up to the message in the ad...
Edit Edit: On watching it a few times i also realised there isn't a picture of a plane or an airport in it either and yet it doesn't detract... It contains images of overseas places, movement, people from different cultural backgrounds, helpful/interested staff and the joy of reunions and experiencing different people with interesting visuals and a very catchy bit of music overlay... And for me works really well...